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Blog Post
Corporate Transparency Act Update - Preliminary Injunction Lifted; New Extended Deadline of 1/13/25
Frank J. Portera • December 23, 2024
Around December 4, 2024, our office sent out an e-blast notifying our clients of a recent US Federal District Court decision in Texas that enjoined the enforcement of the Corporate Transparency Act and its FinCEN BOIR requirements nationwide. Since then, the nationwide preliminary injunction has been appealed in the 5th Circuit Court of Appeals and the constitutionality of the Corporate Transparency Act continues to be argued.
As of December 23, 2024, the 5th Circuit Court of Appeals stayed the nationwide preliminary injunction and reinstated the Corporate Transparency Act's FinCEN BOIR requirement. Because of the timing of the recent injunction, FinCEN is instituting an extended deadline beyond the original one of 12/31/24. The new deadline for existing reporting companies is now 1/13/25. If your company has not yet filed its initial FinCEN BOIR, please contact Attorney Frank Portera at 847-705-7555 or fportera@lavellelaw.com for assistance and more information about our flat fee reporting packages.
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Lavelle Law News and Events
As we say farewell to 2024, we’re excited to look back on the unforgettable moments from our Koozie Challenge! From the frozen wonders of Antarctica to the excitement of the Paris Olympics, and countless incredible destinations in between, the Lavelle Law koozie truly went the distance this year! A big thank you to our clients, staff, family, and friends who took part in the fun. Here’s to even more adventures in 2025! Happy New Year from Lavelle Law!
Schaumburg-based Lavelle Law wrapped its annual food drive benefiting the Schaumburg Township Food Pantry. During the month of October, Lavelle Law set up collection boxes around Schaumburg and the surrounding area, where residents and workers could drop off nonperishable food items, paper goods, personal care items, baby food and diapers. Participants could also make cash donations online.
Join us for an informative seminar on New Year, New Laws as Illinois implements nearly 300 new laws in 2025, many of which impact employment practices. Led by Lavelle Law attorney Lance Ziebell, this session will provide valuable legal insights into these major changes and offer strategies to ensure compliance. Participants will learn how to protect their businesses from potential employee claims, contract disputes, and other legal challenges. This free seminar is a must-attend for business owners, managers, HR professionals, and advisors. Don't miss this opportunity to stay ahead of legal updates and safeguard your business.
Our client divorced several years ago. The divorce judgment required her former husband to remove her name from all business records and accounts on a business they owned during the marriage. The ex-husband refused to remove our client’s name for a business loan. We filed a petition for contempt against the ex-husband and though he used numerous excuses and caused significant delay, in the end, he was required to finally remove our client’s name from the loan and pay our client’s attorney’s fees.
Public Act 103-930 amends the Illinois Mortgage Foreclosure Law (IMFL) to authorize online judicial sales of foreclosed properties, establish standards for such sales and online bidders, and prohibit certain related fees. The Public Act changes Section 15-1507 of the Illinois Code of Civil Procedure and adds Sections 15-1507.2 and 15-1510.1, effective January 1, 2025. 735 ILCS 5/15-1507, 15-1507.2, 15-1510.1.
On December 3, 2024, the U.S. District Court for the Eastern District of Texas (the “Court”) issued a nationwide preliminary injunction suspending enforcement of the Corporate Transparency Act (“CTA”) and its Beneficial Ownership Information (“BOI”) reporting rule. The injunction effectively suspends the requirement under the CTA for certain companies to disclose their BOI to the Financial Crimes Enforcement Network (“FinCEN”) for an indefinite period of time and until such injunction is overturned by an appellate court with jurisdiction.
The Internal Revenue Service Criminal Investigation (“IRS-CI”) recently released its Fiscal Year 2024 (October 1, 2023, to September 30, 2024) Annual Report that details significant cases involving crimes ranging from tax fraud to cybercrime, enhanced domestic and foreign partnerships and investigative statistics for the 2024 Fiscal Year.
Schaumburg-based Lavelle Law has hired Bruce Pulitini as the firm’s first chief financial officer. Pulitini joined the firm in November in the newly created position.
If you're facing a lawsuit, it's important to understand the steps involved in litigation. Litigation is a legal process that can be complex and time-consuming, and it often involves multiple stages. Here's an overview of the key phases of a lawsuit and what you should consider at each step.
The 2024 Lavelle Law Charities Food Drive culminated in an incredible success on October 25. Our 4-week long food drive concluded on a beautiful Friday afternoon when Lavelle Law employees delivered well over $13,000 worth of food items and a check for $12,115 for the Schaumburg Township Food Pantry. These donations will keep the shelves stocked throughout the holiday season and beyond. This achievement would not have been possible without the support of our generous community.
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